SOUTH Australia is sitting on oil potentially worth more than $20 trillion, independent reports claim – enough to turn Australia into a self-sufficient fuel producer.
Brisbane company Linc Energy yesterday released two reports, based on drilling and seismic exploration, estimating the amount of oil in the as yet untapped Arckaringa Basin surrounding Coober Pedy ranging from 3.5 billion to 233 billion barrels of oil.
At the higher end, this would be “several times bigger than all of the oil in Australia”, Linc managing director Peter Bond said.
This has the potential to turn Australia from an oil importer to an oil exporter.
…Linc has hired Barclays Bank to find an investment partner for the next stage of the project, costing $150-$300 million.
Not to poo poo the possibility but that’s a pretty broad range, somewhere between 3.5 and 233 billion barrels, the upper end of which would put us slightly behind Saudi Arabian reserves. Hope it’s true but one can’t help wondering about the last sentence.
Anyway, the share price is going nuts:
